Part-5- Before Filing ITR for Assessment Year 2020-21, Know Important changes in Income Tax Act-PGBP

Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

In earlier parts, we have included 

            (1 ) Rate of Income Tax for the Assessment year 2020-21                        (Read Part -1 here)

            (2)"Exempt income" i.e. Income which do not part of Total Income  (Read Part -2 here) 

            (3) Changes in the head "Income from Salary"                                     (Read Part -3 here)

            (4) Changes in "Income from House Property"                                (Read Part-4 here ) 

Now we will cover the changes made or brought in the head "Profit or gains from Business or profession "  which are specifically applicable for the Assessment year 2020-21 :- 

Profit or gains from Business or profession

Part-4- Before Filing ITR for Assessment Year 2020-21, Know Important changes in Income Tax Act

Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

In earlier parts, we have included 

            (1 ) Rate of Income Tax for the Assessment year 2020-21                        (Read Part -1 here)

            (2)"Exempt income" i.e. Income which do not part of Total Income  (Read Part -2 here) 

            (3) Changes in the head "Income from Salary"                                     (Read Part -3 here)

Now we will cover the changes made or brought in the head "Income from House Property"  which are specifically applicable for the Assessment year 2020-21 :-

Part-3- Before Filing ITR for Assessment Year 2020-21, Know Important changes in Income Tax Act

 Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

In earlier parts, we have included 

            (1 ) Rate of Income Tax for the Assessment year 2020-21   (Read Part -1 here)

            (2)"Exempt income" i.e. Income which do not part of Total Income (Read Part -2 here) 

Now we will cover the changes made or brought in the head "Income from Salary"  which are specifically applicable for the Assessment year 2020-21 :-

Part-2- Before Filing ITR for Assessment Year 2020-21, Know Important changes in Income Tax Act

 Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

In first part, we have included the rate of income Tax applicable for the Assessment year 2020-21 (Read Part -1 here) , now we will cover the changes made or brought in  "Exempt income" i.e. INCOMES WHICH DO NOT FORM PART OF TOTAL INCOME  which are applicable for the Assessment year 2020-21 :-

Before Filing ITR for Assessment Year 2020-21, Know Important changes in Income Tax Act

 Now Time has come to be ready to file income Tax return for the Assessment Year 2020-21, however there are lot of changes have been made by the Government.

Some changes are more important to know because Income tax Return cannot be filed correctly if are ignorant of these.

I am just making an effort to cover such amendments/changes in a series like what would be Tax Rate for the Assessment year , changes in particular source of income i.e.salary, house property, Business or profession, capital etc.

First part is on the rate of  tax applicable for the Assessment year 2020-21:-

Habit of reading Books make you more capable and presentable

Why should you read Books?

There is a proverb “A mind needs books as a sword needs a whetst

Extension of due date for filing Income Tax Return-ITR

Extension or relaxation in due date  under Income Tax Act, 1961

In exercise of the powers conferred by sub-section (1) of section 3 of the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (2 of 2020), the Central Government further extended the due date of furnishing Income Tax Return or Audit report under the Act, as well as relaxation has been given by extending period for making invest under section 54 or section 54B or under chapter-VI-A of the Act.

Brief of the Extension or relaxation are as under:-

 

(1)  Extension of due date to file Income Tax return u/s 139

How to download your E-PAN card

Download E-PAN Card

How can I get my PAN card if I lost or misplaced it, How can I see my PAN card online? Can PAN card be downloaded? Or can I download my Pan card if I have PAN number but not card? These are frequently asked questions or we can say these are the problems faced by the many tax payers about the PAN, Income Tax department has now provided the facility to download your PAN or get it reprinted. Just go through the procedure explained below and get your PAN card in your hand.

How can I Download my PAN card? Is there any facility to get E-PAN card?

TDS on e-commerce Transactions i.e.194-O

TDS on e-commerce Transactions i.e.194-O

Finance Act 2020 has brought a new section i.e. section 194O, this sections has introduced for TDS on e commerce Transactions,
Tax deduction at source (TDS) or Tax collected at source (TCS) are the most convenient mode of tax collection by the government thus it is a tool to collect tax to minimize the tax evasion by taxing the income at the time when income generated and instead of taxing on a later date.
A new section 194O (i.e. TDS on e-commerce ) has been inserted which requires to ecommerce operator to deduct TDS on the amount sale or service effected through his platform. E commerce operator like amazon, Uber, flipkart, Myntra,Zomato ,swiggy,makemytrip, & this provision will affect the their sellers.. I am making an effort to discuss and explain the impact & implication of the provision in following paragraphs in FAQ format.

Change in definition of MSME Enterprise and relaxations under MSME Act

Change in criteria of unit under MSME Act

Union Ministry of Micro, Small and Medium Enterprises (M/o MSMEs) has issued Gazette notification to pave way for implementation of the upward revision in the definition and criteria of MSMEs in the country.